Professor Elam

Weekend January  8, 2016

Total Costs of the Penn State Abuse Scandal are now about $250 Million.

We study ethics in Acct 5308 this spring, And internal audit as well as internal control procedures are discussed throughout intermediate accounting.

Penn State has of course, a an Internal Audit Dept.

I doubt this potential risk ever occurred to them. This emphasizes the importance of thinking

What Could Go Wrong, and what we can do to prevent it.